Common use of Redemption of Stock Clause in Contracts

Redemption of Stock. Upon the terms and subject to the conditions of this Agreement, at the Closing, the parties shall effect the following transactions (collectively, the “Redemption”): (a) SES shall assign, transfer, convey and deliver to the GE Entities and the GE Entities shall accept and acquire from SES, each in proportion to their holdings of Class C Shares, all of the Splitco Shares (free and clear of all Encumbrances) as consideration in kind for the redemption by SES of the Class C Shares, and (b) each of the GE Entities shall assign, transfer, convey and deliver to SES, and SES shall accept and acquire by redemption from each of the GE Entities, the one hundred and three million, one hundred and forty-nine thousand, nine hundred (103,149,900) Class C Shares (free and clear of all Encumbrances) against transfer of the Splitco Shares as consideration in kind for such redemption.